S&P 500 E-Mini: Try Shorts at 5,458 Resistance Today

Published 07/31/2024, 03:24 AM
ESH25
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NQH25
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  1. S&P 500 Futures shorts at the best sell opportunity for the day at 5520/25 worked perfectly with a high for the day exactly here before prices collapsed to 5433. The low and high for the last session were 5527 - 5433 (To compare the spread to the contract you trade)

  2. Nasdaq 100 Futures shorts at first resistance at 19350/390 worked perfectly with a high for the day exactly here on Monday and yesterday we collapsed to 18950. Last session high and low for the SEPTEMBER futures contract: 18725 - 19319.

Trade Ideas

E-Mini S&P 500 September Futures

  • E-Mini S&P 500 shorts at the best sell opportunity for the day at 5520/25 worked on Monday and again on Tuesday as we hit all targets down to 5470

  • Try shorts at the resistance again today. A break above 5535 is a buy signal targeting 5545 and 5560.

  • The break below 5458 was a sell signal targeting 5425 but unfortunately, we bounce from 5433. If we continue lower this week look for an excellent buying opportunity at 5410/00. Longs need stops below 5385.

S&P Emini Futures-Daily Chart

Nasdaq September Futures

  • E-Mini Nasdaq shorts at first resistance at 19350/390 worked perfectly hitting my target of 18950 for an easy 400 tick profit overnight.

  • Try shorts again at 19350/390 with stops above 19440.

  • Support at 18830/730 and longs need stops below 18600. Targets: 19050, 19150, 19250.

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